Comprehensive Problem 2 Part 1 and Part 2: Palisade Creek Co. is a merchandising business. The account balances for Palisade Creek Co. as of May 1, 2014 (unless otherwise indicated), are as follows 83,600 110 Cash 112 Accounts Receivable 233,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 11,400 117 Store Supplies 123 Store Equipment 569,500 124 Accumulated Depreciation-Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable 100,000 310 Capital Stock 311 Retained Earnings 585,300 312 Dividends 135,000 313 ncome Summary 410 Sales 5,221,100 411 Sales Returns and Allowances 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 S21 Advertising Expense 281,000 522 Depreciation Expense 523 Store Supplies Expense 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 nsurance Expense 539 Miscellaneous Administrative Expense 7,800